Scottish FA: Deal agreed with Close Brothers bank for loans to clubs

Scottish FA president Rod Petrie, right, has informed clubs of the lending facility
Scottish FA president Rod Petrie, right, has informed clubs of the lending facility

The Scottish FA has agreed a deal with merchant bank Close Brothers enabling SPFL clubs to apply for loans amid the financial pressures of Covid-19.

President Rod Petrie has been searching for alternatives to high-street banks, which are reluctant to get involved in football lending.

He has written to SPFL teams outlining the partnership with Close Brothers.

The merchant bank, which manages more than £13bn of assets, will make two types of loan available.

For clubs with a turnover below £45m, the Coronavirus Business Interruption Scheme (CBILS) is 80% backed by the government and offers loans up to £5m.

Alternatively, clubs access funding of up to £5m through "more traditional lending routes" of loan, hire purchase or lease.

"It is hugely beneficial that such a respected lender is prepared to engage with clubs to support them during this challenging period for Scottish football," said an SFA spokesperson.

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